GLOBAL NEUROPROSTHETICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Neuroprosthetics is an interdisciplinary branch of neuroscience and biomedical engineering that develops neural prostheses, which are biomedical devices interfaced directly with the central or peripheral nervous system. The main aim of neuroprosthetics is to develop implantable devices that can replace the functions of impaired nervous and muscular systems or enhance existing biological functions. This includes restoring voluntary motor function to paralyzed patients, restoring sight to the blind, and restoring hearing to the deaf. Neuroprosthetics has immense potential to treat various neurological conditions and restore functional capabilities to millions of patients worldwide.

 Market Dynamics:

The global neuroprosthetics market is driven by the rising prevalence of neurological disorders and diseases, favorable reimbursement policies for neuroprosthetic devices and procedures, growing focus on the development of minimally invasive techniques, and technological advancements in neuroprosthetics. However, high development costs and limited medical reimbursements in developing nations are restraining market growth. Developing economies in Asia Pacific and Latin America offer significant growth opportunities owing to growing healthcare spending and infrastructure. Partnerships between companies, medical societies, and patient advocacy groups to spread awareness are also boosting the adoption of neuroprosthetics. These neuroprosthetic products offer life-changing benefits to patients by restoring their lost abilities. Motor neuroprosthetics allow paralyzed people to regain independence. Cochlear implants provide the gift of hearing to deaf people. Cognitive neuroprosthetics improve quality of life of patients suffering from memory disorders. However, these systems also have some limitations. The technology is still in the development stage and is quite expensive. The devices also require regular maintenance and updates. The success rate and outcomes vary from person to person.

Key features of the study:

• This report provides in-depth analysis of the global neuroprosthetics market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global neuroprosthetics market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Second Sight, Med-El, Retina Implant, Sonova Holding AG. , NeuroPace, Inc., Nevro, Medtronic plc, Abbott, Cochlear, Boston Scientific Corporation, Livanova, Demant A/S, Cyberonics Inc. and NDI Medical LLC
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global neuroprosthetics market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global neuroprosthetics market

Detailed Segmentation:

• Global Neuroprosthetics Market, By Type
• • Output Neural Prosthetics
  • Input Neural Prosthetics
• Global Neuroprosthetics Market, By Technique
• • Spinal Cord Stimulation
  • Deep Brain Stimulation
  • Vagus Nerve Stimulation
  • Sacral Nerve Stimulation
  • Others
• Global Neuroprosthetics Market, By Application
• • Motor Neuron Disorders
  • Physiological Disorder
  • Cognitive Disorders
  • Others
•    Global Neuroprosthetics Market, By End User
• • Hospitals & Clinics
  • Neurological Centers
  • Ambulatory Surgery Centers
  • Others
• Global Neuroprosthetics Market, By Region
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Global Neuroprosthetics Market, Key Players
• • Second Sight
  • Med-El
  • Retina Implant
  • Sonova Holding AG.
  • NeuroPace, Inc.
  • Nevro
  • Medtronic plc
  • Abbott
  • Cochlear
  • Boston Scientific Corporation
  • Livanova
  • Demant A/S
  • Cyberonics Inc.
  • NDI Medical LLC